Old Republicans doing the twist and punk dance (4)
I believe the answer is:
pogo
'punk dance' is the definition.
(dance move associated with punk music)
'old republicans doing the twist' is the wordplay.
'old' becomes 'o' (abbreviation).
'republicans doing' becomes 'gop' (I can't explain this - if you can you should give a lot more credence to this answer).
'the twist' shows that the letters should be reversed in order (I've seen 'twisting' mean this (letters twist back)).
'o'+'gop'='ogop'
'ogop' reversed gives 'POGO'.
'and' acts as a link.
Can you help me to learn more?
(Other definitions for pogo that I've seen before include "gets jumped on by children" , "punk dancing" , "-- stick" , "Punk movement" , "jump up and down" .)